Cleanspark CTO Monnig Taylor sells $21.6k in stock Via Investing.com
Cleanspark, Inc. (NASDAQ:) reported that its Chief Technology Officer, Monnig Taylor, sold shares in the company on June 28, 2024. The transaction involved the sale of 1,350 shares of common stock at an estimated price of $16.03, resulting in a total sale of approximately $21,640.
The sale was made under a 10b5-1 prearranged trading plan, which allows company insiders to set up a prearranged trading plan to avoid suspicions of insider trading. Shares were traded in multiple transactions at prices ranging from $16.03 to $16.04. After the sale, Taylor’s remaining stake in the company consists of 213,702 shares of Cleanspark common stock.
Investors and the public can request detailed information about the exact number of shares sold in each price range within the reported range by contacting Cleanspark or the Securities and Exchange Commission as provided in the SEC filing footnote.
Cleanspark specializes in financial services within the crypto asset space and operates under the corporate name 09 Crypto Assets. The company, formerly known as Stratean Inc. and SmartData Corp, incorporated in Nevada and having its fiscal year end on September 30.
The disclosed transaction reflects the ongoing financial activities of Cleanspark management and provides market transparency regarding insider trading.
“In other recent news, CleanSpark Inc. reported positive earnings and revenue results, with Q2 revenue breaking the 2024 fiscal year record of $111.8 million, marking a 163% increase from last year. The company also reported revenue of $126.7 million, reversing its year-ago loss of $18.5 million. In terms of mergers and acquisitions, CleanSpark plans to complete the purchase of a site in Wyoming and has received building permits for its Dalton expansion. The company was also endorsed by analyst Cantor Fitzgerald, who initiated coverage on CleanSpark stock with an Overweight rating and a price target of $27.00, highlighting the company’s strong mining fleet and strong financial position. In other company news, CleanSpark mined 417 bitcoins in May 2024, increasing its total bitcoin value to 6,154, and sold 2.43 bitcoins at an estimated value of $59,000 per bitcoin. This latest development underlines the continued growth and efficiency of CleanSpark, the company plans to increase its hashrate to 50 exahashes per second by 2025.”
InvestingPro Insights
Due to the recent insider sale of Cleanspark, Inc.’s (NASDAQ:CLSK) Chief Technology Officer, Monnig Taylor, investors may be looking for additional metrics to gauge the company’s financial health and future prospects. According to InvestingPro, Cleanspark has more cash than debt on its balance sheet, which could be a good sign of financial stability. Additionally, analysts expect sales growth this year, suggesting the possibility of increased revenue despite internal sales.
Key InvestingPro Data metrics reveal that Cleanspark has a market cap of $3.73 billion USD and a Price/Earnings (P/E) ratio of 43.39, indicating market sentiment about the company’s earnings potential. The company has achieved a significant revenue growth of 122.34% in the last twelve months from Q2 2024, highlighting its rapid expansion in the financial services sector within the crypto asset space.
In addition, Cleanspark’s stock has moved significantly in price, with a remarkable return of 274.41% in the past year, indicating strong investor confidence and market performance. The InvestingPro forum offers more information with a few tips available to help investors make informed decisions. For those interested in a deep dive into Cleanspark’s finances and market conditions, use the coupon code PRONEWS24 for an additional 10% discount on annual or bi-annual Pro and Pro+ annual subscriptions to InvestingPro.
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